Television

ZMCL distribution to be handled by Zeel; to launch Wion by Aug 2016

MUMBAI: Zee Media Corporation (ZMCL) has informed the bourses that it has terminated its distribution arrangement with Taj Television (India) Private Limited (Taj TV) which will now be done by Zee Entertainment Enterprises Limited (Zeel). Taj TV is a wholly owned subsidiary of ZEEL.

ZMCL has also announced that its board of directors has approved the business plan for the launch of an English News channel Wion (World is One News) in August 2016.

The board has accorded in-principle approval for a material related party transaction with Zeel, a related party, for distribution of television channels of the company at seven per cent revenue sharing on the subscription revenue of the television channels of ZMCL. The company will seek approval of the unrelated shareholders for this material related party transaction between ZMCL and Zeel.

The above approvals were made by the ZMCL board of directors at meeting held on 29 April 2016. During the meeting, the board has also approved the nomination of CEO R K Arora as key managerial person with effect from 29 April 2016. Arora joined ZMCL as COO in May 2015 and was recently elevated to the post of CEO